A Massive Week for Earnings

Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, April 28, 2025.

State of Play

Stocks put in a bit of a stealth rally on Friday. The S&P 500 is now down just 10% from its all-time high, so effectively out of correction. As we eye or board of indicators for signs of direction at 0650, things are quiet:

• Stock index futures are down just a bit. Small caps are the only one really moving, with the Russell 2000 down 0.5%;

• Commodities are also trending lower, with WTI crude oil down 0.5% to $62.70/barrel and copper down 0.5%;

• Cryptos are unchanged with Bitcoin trading around $94,500;

• Bonds aren’t doing anything either. The 10-year yields 4.27%.

Today’s cover art by author via Flux AI